Second Avenue Subway To Gentrify Yorkville (low income, real estate, 2014)
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Interesting piece by Crain's NY telling of real estate developers plans for Second Avenue once the subway construction is over and the line is opened. Bottom line look for more of the old tenement buildings to come down and new high rises to take their place.
Maybe real estate taxes from Yorkville can now be applied to pay for phases 2-4 of the Second Avenue Subway. I remember seeing all the construction in the area. The tunnels have been dug and the station caverns were blasted, so most of the work is over. Now its just installing the necessary infrastructure in the tunnels and station caverns. The Muck buildings are GONE, and there's no more blasting. That alone is causing real estate to go up on Second Avenue.
I'll let you in on a little secret. The UES is already gentrified. The brownstones/tenements that are left are only because they either can't be cleared out because of RS/RC tenants, are already at zoning max, covered by landmarking in some way, or laziness/incompetence of their owners (one of those next door to me)
But the completed subway (even the first phase) will push values up even more.
I'll let you in on a little secret. The UES is already gentrified. The brownstones/tenements that are left are only because they either can't be cleared out because of RS/RC tenants, are already at zoning max, covered by landmarking in some way, or laziness/incompetence of their owners (one of those next door to me)
But the completed subway (even the first phase) will push values up even more.
This pushing up values helps clear out tenements as since the value has already increased, it gives landlords incentives to BUY OUT RS/RC tenants.
Or they could do like the landlord in Greenpoint. Tear up the boilers so the city does a vacate the premise order. Then with the tenants all out, demolition the building. When this much money is at state NOTHING stops NYC developers.
I guess in theory gentrification can continue in even wealthy areas. Millionaires have to move out to make way for those worth hundreds of millions....and then they have to move out to make way for the billionaires..and so on. I guess we should be talking about the gentrification of the entire UES...the "poor" multimillionaires are being forced out to make way for the billionaire russians, chinese, and arabs. How is DeBlasio addressing this rampant gentrification in the UES...it is his fault of course!
I guess in theory gentrification can continue in even wealthy areas. Millionaires have to move out to make way for those worth hundreds of millions....and then they have to move out to make way for the billionaires..and so on. I guess we should be talking about the gentrification of the entire UES...the "poor" multimillionaires are being forced out to make way for the billionaire russians, chinese, and arabs. How is DeBlasio addressing this rampant gentrification in the UES...it is his fault of course!
Somehow just don't see the "one percent" living in Yorkville, much less Second Avenue going towards Spanish Harlem. *LOL*
The wealthy yes, sooner or later not that they aren't there already. By "wealthy" keep in mind anywhere else in the USA (except CA and perhaps MA) these persons would be considered very well off, but household income of around $100k only makes them middle class here.
When you walk around Yorkville above 86th street you see quite a lot of gentrification has already started. Have spoken before of the beautiful townhouses on East 87th down from the German RC church that have been converted into private residences. Then you have all those new buildings on First going towards 96th.
This depends on how you define Yorkville. There's already a lot of money along the East 86th street corridore, especially at the east and west ends. The middle is commercial. But even that stretch is getting redeveloped. Look at the Lucida and Brompton developments. The taxpayer across 86th from the Lucida, and the adjoining NY Sports Club are soon to be demoed for high end condos. And there's a battle line of low rises/taxpayers east of that over to third. Some of those may have had their development rights transfered to other sites. But I'm not sure. If not, there's a lot of low hanging fruit to be picked there.
There's already been a good amount of development along Second, from 86th to 72nd. There are also a lot of older high rises that are likely at zoning max already.
If you define gentrification as the replacement of low income housing and residents with upper income of both, this has already been going on for at least thirty years. The only part of this area where it hasn't really happened is where the projects stick down below 96th on First ave. And, unfortunately, there seems to be no way of getting rid of the projects.
Quote:
Originally Posted by BugsyPal
Somehow just don't see the "one percent" living in Yorkville, much less Second Avenue going towards Spanish Harlem. *LOL*
The wealthy yes, sooner or later not that they aren't there already. By "wealthy" keep in mind anywhere else in the USA (except CA and perhaps MA) these persons would be considered very well off, but household income of around $100k only makes them middle class here.
When you walk around Yorkville above 86th street you see quite a lot of gentrification has already started. Have spoken before of the beautiful townhouses on East 87th down from the German RC church that have been converted into private residences. Then you have all those new buildings on First going towards 96th.
Interesting piece by Crain's NY telling of real estate developers plans for Second Avenue once the subway construction is over and the line is opened. Bottom line look for more of the old tenement buildings to come down and new high rises to take their place.
I guess in theory gentrification can continue in even wealthy areas. Millionaires have to move out to make way for those worth hundreds of millions....and then they have to move out to make way for the billionaires..and so on. I guess we should be talking about the gentrification of the entire UES...the "poor" multimillionaires are being forced out to make way for the billionaire russians, chinese, and arabs. How is DeBlasio addressing this rampant gentrification in the UES...it is his fault of course!
There's a word for that: INFLATION.
"Oh my God, dear. We are now billionaires and we can afford to live in the same place as when we were just millionaires."
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